Homework on High Availability - Questions

Blockchain and Bitcoin 101
#1106

1 the main reason is money.Blockchain has been created with bitcoin,so first of all it’s a sort of financial system that it’s available 24/7.
2 The high availability is granted by miners that keep the level of security high;miners for their task are rewarded.

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#1107
  1. Why is it important for blockchain networks to be high availability networks?
    It is important for financial systems and other applications built on top of these systems (blockchain) to have a network that has never been offline and is financially incentivized to be kept alive.
  2. What is it that enables blockchain networks to have such high availability?
    Mining! creates a backstop in case some of the system goes down other minors join the system. Which in turn creates more security with more minors hashing transactions.
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#1108

  1. So that the networks are always available for users, an important component for a value system; and essentially more anti-fragile.

  2. It is the positive correlation between the difficulty in mining and the how many miners there are, coupled with the fact that mining is rewarded in bitcoin, so therefore incentivized.

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#1109
  1. Transactions need to be accessible 24 hours a day, 365 days a year.
  2. Incentivization.

Question: What happens to Bitcoin incentivization once the last coin is mined?

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#1110

Homework on High Availability - Questions

Why is it important for blockchain networks to be high availability networks?
To give a real guarantee to the user to trust the network

What is it that enables blockchain networks to have such high availability?
If a part of the network disappear for some reason it would be immediately convenient to replace it, filling the missing part and restoring the availibility

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#1111

1. Why is it important for blockchain networks to be high availability networks?

  • This ensures that transaction are processed almost anytime (24/7) and network security is high.

2. What is it that enables blockchain networks to have such high availability?

  • Incentives/ reward
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#1112

1: people wouldn’t use it or use it less otherwise, e.g. if bitcoin would be off for 12 hours/day it would be not a good currency or asset -> they would get their money off -> bitcoin would use value -> miners would gain less -> maybe some miners could leave the network. -> loss of security due to reduction of the decentralized network

2: money incentive

2 Likes
#1113

Homework on High Availability - Questions

  1. Why is it important for blockchain networks to be high availability networks?
    If it is to have global access, then the networks need to be functioning and awake when different continents, countries, cities, are awake and working. So the cycle benefits from functioning around the clock.

  2. What is it that enables blockchain networks to have such high availability?
    Bringing in some big fat incentives to motivate those around the network to operate - those being the potential to make considerable sums of money (most directly through mining), plus the incentive of allowing a wide range of uses beyond currency on the blockchain to function more efficiently, be globally connected and being more aligned to merit rather than whom you know!

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#1114

Well said Peter. :smiley:

#1115

High availability does not generate money. Its a term used when something is always running 24/7 365 days a year. It is important for a blockchain to have high availability as the network has very crucial functions such as financial transactions. It will ensure you can transfer money at any time unlike the banks. This is on of the most important qualities that bitcoin has compared to our current way of doing finance.

#1116

High availability does not necessarily have to mean better security. A bank could operate 24 hours every day. But their security would stay the same. In bitcoin’s case high availability means better security, as in order to increase it we have to increase the node count across the world. The point is that the high availability in bitcoin makes it available for anyone to use it whenever they want and it ensures us that the high availability cannot easily be taken away from the network.

#1117

[quote=“JustMichael, post:1109, topic:8426”]![fees|495x355]
Question: What happens to Bitcoin incentivization once the last coin is mined?
[/quote]

Block rewards are high at first to kick start the network. Once more people start using the network, the fees should in theory replace the block rewards and keep the miners incentivized.

fees

#1118

  1. Why is it important for blockchain networks to be high availability networks?

    It is important for blockchains to have high availablity because otherwise users would find themselves unable to transact at certian times and the effectiveness of the blockchain as a payments network would be reduced. Many might turn to competing solutions during the downtime such as PayPal.

  2. What is it that enables blockchain networks to have such high availability?

    Blockchains have high availability enabled via the mining of blocks that occurs 24/7 by miners. They are rewarded proportionally to how much security the network needs at a given time meaning the network is able to flexibly adjust to any factors that might impact its security.

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#1119

Why is it important for blockchain networks to be high availability networks?

  • Any serious transactional systems involving values and monetary proof needs to be available 24x7 or else people cannot rely on it or trust it to close any deals.

What is it that enables blockchain networks to have such high availability?

  • Distributed processing with non-centralized body with consensus mechanism guarantee that for any events where some nodes are not working properly, the rest will still function with high degree of reliability.
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#1120

  1. Its important for a blockchain to have high availability so that it can be accessed and used on demand at any time.

  2. Blockchain enables this high availability with financial incentive’s to the network for the function they provide

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#1121
  1. Why is it important for blockchain networks to be highly availability networks? For a global system it must be kept alive 24/7 and every day. Data is incoming constantly so that there must be the incentive to be an open system.
  2. What is it that enables blockchain networks to have such high availability? The internet is open 24/7 and data from global sources is allowed and incentivized to keep it alive.
    Security enables blockchain to have high availability; as everyone wants to make money.
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#1122

It is important for them to be highly available as the network needs to take in data 24/7.

The network is open 24/7 to be accessed from all around the world, the network rewards the participation of nodes therefore people are more incentivized to use it.

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#1123

  1. Blockchain Networks have to work all the time globally to be accepted all over. Because they will be required almost all the time. Thus, its availability is important.

  2. Incentives that are provided to run the nodes by miners helps in achieving availability.

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#1124

Thanks, Mauro :smile:

#1125
  1. Cause someone might need network which is running 24/7/365
  2. Miners all over the world with their incentives to keep it running
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